Adobe Soars on Huge Growth in Cloud Software Subscriptions

Shares of Adobe surged on Wednesday making it TheStreet's Move of the Day.

Shares of Adobe surged on Wednesday making it TheStreet's Move of the Day. The software company announced late Tuesday that improved subscriptions for its cloud software drove stronger-than-anticipated profit and revenue for its 2014 fiscal second quarter. Investors cheered the stock as this confirmed a goal for Adobe, which has been transitioning to subscription-based instead of license-based software. Adobe CFO Mark Garrett said in a company statement: "With Adobe's Creative Cloud transformation behind us, our focus moving forward is to drive strong revenue and earnings growth with our market-leading cloud offerings." Shares popped 8.2 percent to $73.08, making it on Wednesday the top performer in the S&P 500.